The Great Transfer of Wealth from Bitcoin to Altcoins Has Begun
- Only 8% of altcoins (excluding stablecoins) have outperformed BTC over a rolling 90-day period.
- The overwhelming token dilution, narrative fatigue, and weakening buyer demand suggest altseason is on hold.
- Whenever the percentage of altcoins outperforming BTC drops to single digits, a major rally is seen.
The altcoin market has reached a critical juncture. After two years of relentless underperformance against Bitcoin, altcoins are now showing a level of historic weakness that has, in the past, been the prelude to a major market reversal.
Altcoin Weakness Hits a Historic Extreme
Data shared by analyst Michael van de Poppe shows that only 8% of altcoins (excluding stablecoins) have outperformed Bitcoin over a rolling 90-day period, the lowest level in the past two years, and one of the weakest since 2019.
“Right now, the #Altcoins are the heaviest underperforming vs. Bitcoin for the past 2 years,” van de Poppe noted, adding that the last bottom formations in June 2022 and June 2023 marked major altcoin rallies.
Historically, when the percentage of ou…
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The Great Transfer of Wealth from Bitcoin to Altcoins Has Begun
- Only 8% of altcoins (excluding stablecoins) have outperformed BTC over a rolling 90-day period.
- The overwhelming token dilution, narrative fatigue, and weakening buyer demand suggest altseason is on hold.
- Whenever the percentage of altcoins outperforming BTC drops to single digits, a major rally is seen.
The altcoin market has reached a critical juncture. After two years of relentless underperformance against Bitcoin, altcoins are now showing a level of historic weakness that has, in the past, been the prelude to a major market reversal.
Altcoin Weakness Hits a Historic Extreme
Data shared by analyst Michael van de Poppe shows that only 8% of altcoins (excluding stablecoins) have outperformed Bitcoin over a rolling 90-day period, the lowest level in the past two years, and one of the weakest since 2019.
“Right now, the #Altcoins are the heaviest underperforming vs. Bitcoin for the past 2 years,” van de Poppe noted, adding that the last bottom formations in June 2022 and June 2023 marked major altcoin rallies.
Historically, when the percentage of ou…
The post The Great Transfer of Wealth from Bitcoin to Altcoins Has Begun appeared first on Coin Edition.
Читать больше